Cannabis crisis hits Connecticut while New York's market floods
Since July 2021, cannabis has been legal for recreational purposes in Connecticut, and for about a year, since January 10, 2023, it has been accessible for adult-use sales. Now, the market in this state suffers from a shortage of goods, which benefits sellers in neighboring New York.
According to Fox News, Connecticut has a shortage of licensed marijuana growers, resulting in a lack of supply in the market. The situation is different in neighboring New York, which has too many cannabis supplies. However, it cannot be transported to Connecticut, as it could violate the federal drug law.
People from this business are struggling now with the massive problem of the lack of supplies. Benjamin Zachs, the chief operating officer of Fine Fettle, the company owning 5 cannabis sale points, underlines that there are disproportionately few breeders in the state compared to stores.
"Now we're a year later, and there are 26 open dispensaries and only one more producer, grower, cultivator. [...] And that's a micro-cultivator, so that's only about 5,000 square feet of the additional canopy," - said Zachs, quoted by aforementioned Fox News. The Connecticut Department of Consumer Protection reacted to this problem and stated that this is only temporary, as new cultivators are waiting for their licenses.
As a portal, "CT News Junkie," states, data provided by The Connecticut Department of Consumer Protection says that in a year after January 10, 2023, Connecticut profited $274 million from cannabis sales in total.